In 2016, only one in five millennials had moved in the past 12 months.
This is a decrease from 2000, when 26 percent of young adults had moved in the previous year, as well as 1963, when, yet again, 26 percent of young adults reported moving the year before, according to a recent report from the Pew Center.
The Pew Center analyzed why millennials aren’t as apt to move. Most likely, it’s due to lack of funds, thanks to lower-paying jobs. In fact, most millennials who did move in 2016 did so for a job, the Pew Center reported. Student loan debt is also a huge part of millennials’ inability to get a mortgage, and purchase a home.
For those millennials that did move last year, 22 percent moved into a home they purchased. Comparatively, in 1981, 35 percent of young adults the same age moved into a home they had purchased.
There are also three main factors that separate millennials from previous generations. One of the top reasons is that less millennials are married at this age than previous generations. Today, 42 percent of millennials aged 25 to 35 live with their spouse. In 1963, 82 percent of those aged 25 to 35 lived with a spouse.
Millennials are also less likely than previous generations to own a home, only 37 percent live in an owner-occupied that isn’t their parents’, compared to 56 percent of baby boomers at the same age. Finally, millennials are less likely to have children at this age.
Despite not owning a home, thus making it easier to move, and not having children, many millennials are hesitant to move, thanks to lack of funds, high student debt and their inability to get a mortgage.